Nicolas Cage, despite earning many millions from his long film career, is now bankrupt, just like many of his fellow countrymen. How on earth could that have happened to someone that is almost a household name in the US if not across many parts of the world?
Cage has made his name by appearing in such films Brubaker (an extra), Best of Times, Con Air, City of Angels and Leaving Las Vegas (which got him many awards).
He made the mistake it seems of trusting his financial adviser Samuel J Levin of Levin & Co Management Inc. There is somewhere in the region of $20 million involved. Nicolas Cage is now in the process of liquidating properties he owns across the world.
He is also suing the business Levin for giving bad advice and mismanaging his funds. Levin was Nicolas Cage’s business manager for 7 years up until 2008 and collected millions of dollars in fees along the way.
Cage made the mistake of turning over almost total control of his finances to Levin who is, according to reports, a Certified Public Accountant with 25 years experience. So Cage should have been able to trust him implicitly.
This story is one that will be mirrored across the world as clients find that their advisers found it easy to make money when the economy was good. Most lose it for them in a falling market. Cage should have been ‘Cagey’ and kept a good weather eye on his money. It is his money and the adviser always has their own affairs as a priority at the end of the day. This is a good warning to anyone who gives total control to their adviser, take a look at your statements!